report on ECONOMYNEXT online, April 7, 2023 at 2:45 pm– Sri Lanka’s Supreme Court has temporarily suspended importation of Indian pharmaceuticals under its credit line until a further court order amid concerns over quality and safety as well as question over the legality of the procurement. The Supreme Court on Thursday (06) granted leave-to-proceed in the Fundamental Rights petition filed by Transparency International Sri Lanka (TISL), which stated serious doubts regarding the quality, safety, and…
Posts tagged as “Sri Lanka”
report in adaderana.lk, Apr 1, 2023 at 11:50 pmSri Lanka Police have arrested 28 Chinese nationals who were involved in online financial fraud. Among the suspects were five Chinese women. The police found five laptops, and several smartphones on the suspects at the time of the arrest. After being informed by the INTERPOL about the group of scammers, local law enforcement authorities swung into action and apprehended the suspects who were staying at a tourist…
By Imsha Iqbal in The Morning, Mar 30, 2023Despite the decades-long diplomatic and trade ties between the countries since 1952, Japanese businesses currently have lost confidence in Sri Lanka due to the abrupt and arbitrary policy changes that have been made by the Government of Sri Lanka (GoSL), says the Ambassador for Japan in Sri Lanka Mizukoshi Hideaki. Ambassador Hideaki stated: “On the governance and transparency of the economic policies, in the past, there have…
report in ECONOMYNEXT, Mar 27, 2023– A swap with the People Bank of China is to be extended for another three years from 2024, according to documents released with the approval of a deal with the International Monetary Fund. “…[T]he PBoC has indicated that it will consider renewing its swap arrangement with the CBSL in 2024 for another three years, if there is no significant situation change,” according to program documents. According to projections in…
By Swati Bhat and Uditha Jayasinghe in Reuters, Mar 22, 2023MUMBAI, March 21 (Reuters) – Sri Lanka has a difficult road ahead irrespective of how much funding it receives from multilateral and global financial agencies, a senior economist at Moody’s Analytics told Reuters on Tuesday. Moody’s Analytics is independent of Moody’s Investors Service, the rating agency. The International Monetary Fund (IMF) approved a nearly $3 billion bailout for Sri Lanka on Monday and the country’s…
Report in The Guardian, Mar 21, 2023The International Monetary Fund has approved Sri Lanka’s request for a $2.9bn bailout, raising hopes for an easing of its economic crisis. The IMF’s board confirmed it had signed off on the loan, clearing the way for the release of funds and kicking off a four-year programme designed to shore up the economy. The IMF managing director, Kristalina Georgieva, warned that Colombo must continue pursuing tax reform and greater…
by Dimuthu Attanayake & Agencies in SCMP, Mar 9, 2023The long-awaited IMF financing will not “drastically change the trajectory of things” for Sri Lankans struggling with rising costs of living, but it could provide a much-needed confidence boost that the country’s economic recovery is on the right track, experts have said. The International Monetary Fund (IMF) is expected to give final approval later this month for its US$2.9 billion, four-year bailout package after Sri Lanka…
report in Daily Mirror online, Mar 8, 2023 at 09:23 pmPresident Ranil Wickremesinghe today said that three women were instrumental in helping Sri Lanka during its troubled period. “When reflecting upon those who contributed to freeing the people from the sufferings experienced during the past, I think it is important to mention the names of three women who played a significant role,” the President said addressing the International Women’s Day National celebration in Colombo. He…
report in Daily Mirror, Mar 8, 2023The IMF said that since Sri Lanka has received financing assurances from all major bilateral creditors, the IMF Board will meet on March 20 for the consideration of approval for the Staff Level Agreement for financing under an Extended Fund Facility. Issuing a brief statement, the IMF stated; “Sri Lanka has now received financing assurances from all major bilateral creditors. This paves the way for consideration by the IMF’s…
by Mirudhula Thambiah in The Daily MorningTMTK’s Wiggy and TNA’s Sumanthiran say HRCSL has portrayed Northern demands inaccuratelyResponding to the recent recommendations made by the Human Rights Commission of Sri Lanka (HRCSL) that the Northern people are agreeable to an internal mechanism provided that the Truth Commission comprises members of competency and integrity, Tamil political parties in the Northern Province stated yesterday (6) that this does not fairly correspond to what the people in the…